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Citigroup CEO, Michael Corbat, predicted that state-sponsored cryptocurrencies, will appear because of the bitcoin threat.

Interviewed by Bloomberg in New York, Michael Corbat said cryptocurrencies represent a “real enough threat” to the financial system.

“It’s likely that we’re going to see governments introduce, not cryptocurrencies – I think cryptocurrency is a bad moniker for that – but a digital currency.” 

 The Citigroup executive encouraged people to try using digital currencies, and said blockchain technology “has potential” and shouldn’t be dismissed.

In the meantime, Citi is already working on its own digital currency, Citicoin. Citigroup is also working with Nasqad on using blockchain technology for trading private shares.

Corbat’s comments on cryptocurrencies come right after Goldman Sachs CEO, Lloyd Blankfein said he isn’t “comfortable” with bitcoin, but admit its potential.

Corbat has worked at Citi for his entire career. He has served as Head of Citi’s Global Corporate Bank and Global Commercial Bank and CEO of Citi’s Global Wealth Management. As CEO of Citi Holdings, he was responsible for and led the divestiture of a portfolio of non-core business and assets. In 2011, he was named CEO of Europe, Middle East and Africa. In October 2012, Corbat was appointed CEO of Citi. Only in 2016, he earned US$15.5 million.

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